Almost one in three employees are concerned they will be made redundant in the next six months, with men more worried than women, according to the the Glassdoor UK Employment Confidence Survey.
The figures are up by five percentage points from 26 percent in Q1 this year, and on a par with Q3 2015 (32 percent). Confidence amongst millennials (18-34 year olds) is even lower. Nearly two fifths (39 percent) claim they fear losing their job in the next six months, up by more than 10 percentage points since Q1 2016 (28 percent).
Further data reveals employers have implemented a series of negative changes in the workplace over the past six months. Amongst those employees who reported their companies had made negative changes in their place of work, 39 percent claim their employers have reduced or failed to pay bonuses, 20 percent have made changes to compensation structure, 12 percent of employers have initiated or communicated pay reductions and 11 percent have reduced health and/or dental benefits. Each of these changes are at the highest level since the survey began in early 2014.
However, confidence in pay rises remains high with two fifths of employees are confident they will get a pay rise in the next 12 months. Nevertheless, young workers (16-24) expect a pay rise in the next 12 months has fallen from 44 to 40 percent this year.
Diarmuid Russell, Glassdoor Head of International says: “There has been a big increase in fear of redundancy, particularly amongst millennials, since the first quarter of this year. Interestingly, this doesn’t seem to be dampening people’s overall confidence in finding a new job that matches their abilities – over a third of employees believe they can find another equivalent job within six months, the highest level since we began measuring employee sentiment over two years ago. So whilst people feel less secure in their current roles, they also feel well placed to cope by finding a new job.”